SEC Open Meeting Agenda
Wednesday, December 17, 2003, 10:00 a.m.

Agenda as of the morning of December 16, 2003. Note that Open Meeting agendas are subject to last-minute changes.

Item 1:	Proposed Rule Change Relating to the Amendment and Restatement of the Constitution of the Exchange to Reform the Governance and Management Architecture of the Exchange Office:  Division of Market Regulation Staff:  Robert L.D. Colby, David Shillman, Nancy Sanow, Rebekah Liu
Item 2:	Disclosure of Breakpoint Discounts by Mutual Funds Office:  Division of Investment Management Staff:  Susan Nash, Paul G. Cellupica, Christian L. Broadbent
Item 3:	Request for Comments on Measures to Improve Disclosure of Mutual Fund Transaction Costs Office:  Division of Investment Management Staff:  Barry Miller, Paul Goldman, Jacquelyn Rivas

Item 1: Proposed Rule Change Relating to the Amendment and Restatement of the Constitution of the Exchange to Reform the Governance and Management Architecture of the Exchange

The Commission will consider whether to approve a proposed rule change by the New York Stock Exchange to amend and restate its Constitution to reform the governance and management architecture of the Exchange.

For further information, please contact Rebekah Liu at (202) 942-0133.

Item 2: Disclosure of Breakpoint Discounts by Mutual Funds

The Commission will consider whether to propose amendments to Form N-1A under the Securities Act of 1933 and the Investment Company Act of 1940 that would require an open-end management investment company to provide enhanced prospectus disclosure regarding breakpoint discounts on front-end sales loads.

For further information, please contact Christian L. Broadbent at (202) 942-0721.

Item 3: Request for Comments on Measures to Improve Disclosure of Mutual Fund Transaction Costs

The Commission will consider whether to issue a concept release on mutual fund transaction costs. The release would seek public comment on whether mutual funds should be required to quantify and disclose to investors as a separate line item the amount of transaction costs they incur; include transaction costs in their expense ratios and fee tables; provide other quantitative measures or additional disclosure that would provide investors an indication of the level of the investment company's transaction costs; or some combination of the above. The release also would seek comment on whether mutual funds should be required to record transaction costs or the portion of those costs that represent soft dollar benefits (i.e., the non-execution portion) as an expense in their financial statements.

For further information, please contact Paul Goldman at (202) 942-0510.